Copa Holdings, S.A.

CPA

Airlines, Airports & Air Services · Industrials

Price

$139.07

-5.29 (-3.66%)

Market Cap

$5.73B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 42.6M (2021) → 41.3M (2025)

Copa Holdings is an airline company based in Panama. It flies passengers and cargo to destinations across North America, South America, Central America, and the Caribbean. Copa is best known for its hub-and-spoke model centered at Tocumen International Airport in Panama City, which sits at a natural geographic crossroads between the Americas.

Copa makes money by selling airline tickets and charging for cargo transport. Its Panama hub gives it a structural advantage — Panama City is one of the most efficient connecting points in the Western Hemisphere, allowing Copa to link dozens of city pairs that would otherwise require multiple stops. The company operates roughly 100 aircraft and serves around 80 destinations. Its operating margin of nearly 23% is unusually high for an airline, reflecting strong cost discipline and hub efficiency. The key risk is exposure to economic instability across Latin America, since demand for air travel in the region can drop sharply during recessions or currency crises.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+4.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$383M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Copa Holdings, S.A. is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

30.9%

Modest — 30.9% gross margin

Operating Margin

21.8%

Excellent — 21.8% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.0%

Slow sales growth (5.0% YoY)

EPS YoY

+11.8%

Earnings growing (11.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

167%

Turns 167% of profit into real cash

FCF Margin

10.2%

Modest free cash flow (10.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.83

Moderate — manageable debt (0.83)

Interest Cover

8.26x

Comfortably covers interest (8.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.5x

Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

4.31%

Healthy income — 4.31% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+3.1%

Dividend growing modestly (3.1% YoY)

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